I have two, a PT99 and a 38spl, model 86 maybe, I don't remember. The 9mm was my first semi-auto (15 years ago). A friend bought one shortly after I purchased mine. Both guns had the "locking block" break within a couple months of each other with only a few hundred rounds through them. The 38 is listed as a "target gun", I guess it gets that label because of the 6" barrel and adjustable sights, but the nomenclature has nothing to do with accuracy, my S&Ws and Rugers shoot circles around this "target gun". I probably get 2" groups at 7yards, others have tried it with the same results. The guns don't look anywhere near as good as the S&Ws or Rugers either. For the money they are probably adequate, as long as you aren't trusting your life to one. I won't buy another. When it comes to rifles it seems you can get a very accurate, reliable gun for little money(tikka, savage, H&R) but I don't think the same is true of handguns.
That S&W "agreement" that was spoken of earlier was made by a British company that owned Smith for a while during the Clinton regime, the company is now owned by an American firm that has no affiliation with the British Co.